"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of the voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." - Ludwig von Mises

Thursday, June 23, 2011

Scotland better off leaving bankrupt Britain

Published during my tenure as Chief Editor of the former title Newsnet Scotland. I intend to publish under the title Scottish Times in due course.

Despite a huge drop in North Sea oil prices in the year 2009-2010 an independent Scotland would have been better off economically being outside the UK according to newly released Government figures.

Commenting on the new GERS (Government Expenditure and Revenue Scotland) figures released today one of Scotland's leading investment bankers Ben Thomson, chairman of the Campaign for Fiscal Responsibility, said: "The latest GERS figures show that Scotland’s budget position in 2009/10 was better than for the UK as a whole.

"As a percentage of GDP, both Scotland’s net fiscal balance (-10.6% compared to the UK’s -11.1%) compare favourably with the UK as a whole." (See chart)

"This is despite the drop in Scotland’s geographic share of North Sea revenues for 2009/10 from £11.7 billion to £5.9 billion which has resulted in a deterioration in Scotland’s budget position.

Debt to GDP ratio based on GERS

"It is also worth pointing out that this will also have improved considerably since 2009/10, the year covered by GERS.

"The Office for Budget Responsibility (OBR), in its 2011 Budget Report, estimated that North Sea revenues would average £13.4 billion over the next five years of which Scotland’s geographic share would be £12.2 billion.

"This is more than double the revenue levels in 2009/10 and would bring Scotland’s net fiscal position close to balance."

Compared to current UK debt

Against a backdrop of out-of-control UK debt it is clear that Scottish families, institutions and businesses would benefit significantly from independence. This year UK public sector net borrowing for April and May totals £27.4bn which is £1.5bn more than the same period in 2010 according to the official ONS (Office of National Statistics) report................................................................................UK consumer confidence

According to YouGov's Household Economic Activity Tracker (HEAT) UK consumers remain extremely negative (-26 points) about the next 12 months ahead. This compares woefully to China which has a positive (+42 points) rating making the difference in consumer outlook between the two economies a 68 point gap.

Newsnet Scotland Comment
With oil revenues much higher in the last year it is clear that being released from its share of UK fiscal debt an independent Scotland would be in the position to increase the standard of living of all Scottish citizens.

Yes, as Unionist commentators like to point out an independent Scotland would have carried debt in this single year but as can be seen it would be less debt than it must carry as part of the UK.

This outstanding articles is one of my favourite today. I like to read it. Stay shark all the time. --------------Texas Holdem OnlineFree poker moneyPoker has developed very rapidly over the years: increasingly played a deck of cards, introduced new systems, and there were new types of games, such as poker open or selected. In 1872 was officially announced rules of the game of draw poker. Eight years later appeared, currently the most popular type of poker game, such as Texas Hold'em. In 1896 he began publishing the first magazine entitled poker Poker Chips.Free Bonus PokerLaptops for SaleToday, poker is one of the most popular card games. On television on a daily basis are dropped, broadcasts of poker tournaments and online there are many companies offering rooms to play poker on-line (www.expekt.com, www.bwin.com and many others). In the biggest poker event in the world - the World Series of Poker in 2005 was attended by 23,000 players. In 2006, curiosity was the fact that the winner of the main event was 12 million. dollars.TV DealsViteo

Your website could be more interesting. I think You need more visitors, so please exchange link with us. --------------Free Poker bankrollsFree Poker Bonuses Poker - card game played with a deck of 52 cards (standard) whose goal is to win money bonus - no deposit poker money, darmowy poker - from the other participants, so completing the best poker hand or a bluff. Number of players at the table is limited only by the amount of cards in the deck (but may not be fewer than two), and in practice do not play more than ten people.Online poker no depositBonus bez depozytuHistory - history of poker is not so clear. As the first game of poker has described Jonathan H. Green in 1834. Free poker bankrolls and instant online poker bankroll. It has gained popularity among the passengers on ships that sailed the Mississippi River - texas holdem poker, free poker money, bonus bez depozytu. Players receive five cards, and the entire deck had only 20 (from tens to aces). It is possible that poker is derived from Old Persian game as nas, whose rules Persian sailors passed the French free poker money settlers in New Orleans.No deposit poker bonusFree money for poker

Exceilent blog you have here but I was curious about if you knew of any community forums that cover the same topics talked about in this article? I’d really like to be a part of online community where I can get advice from other experienced individuaIs that share the same interest. If you have any suggestions, please let me know. Appreciate it!